H-4371.1 _______________________________________________
HOUSE BILL 2893
_______________________________________________
State of Washington 55th Legislature 1998 Regular Session
By Representatives Robertson, Cody, Van Luven, L. Thomas, Grant, Radcliff, Appelwick and Mitchell
Read first time 01/21/98. Referred to Committee on Finance.
AN ACT Relating to tax deferrals for new thoroughbred race tracks; and amending RCW 82.66.040.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 82.66.040 and 1995 c 352 s 4 are each amended to read as follows:
(1)
The recipient shall begin paying the deferred taxes in the ((fifth)) tenth
year after the date certified by the department as the date on which the
investment project is operationally complete. The first payment is due on
December 31st of the ((fifth)) tenth calendar year after such
certified date, with subsequent annual payments due on December 31st of the
following nine years with amounts of payment scheduled as follows:
Repayment Year % of Deferred Tax Repaid
1 10%
2 10%
3 10%
4 10%
5 10%
6 10%
7 10%
8 10%
9 10%
10 10%
(2) The department may authorize an accelerated repayment schedule upon request of the recipient.
(3) Interest shall not be charged on any taxes deferred under this chapter for the period of deferral, although all other penalties and interest applicable to delinquent excise taxes may be assessed and imposed for delinquent payments under this chapter. The debt for deferred taxes is not extinguished by insolvency or other failure of the recipient.
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